Singapore may be affected by US rating cut: Economists

An ABC News ticker in New York's Times Square announcing the bad news about the credit rating downgrade for the United States. Some economists in Singapore say that the Republic, which is already feeling the effects of slower growth in the United States, may now face an even sharper slowdown. -- PHOTO: AFP THE CREDIT rating downgrade of the United States could affect Singapore's economic growth in the next two quarters, said economists yesterday. Credit rating agency Standard & Poor's lowered the long-term US credit rating from triple-A to AA-plus for the first time in history. Economists think that the move will unnerve financial markets in the near term and this could mean weaker consumer confidence and spending globally. 'Traditionally, we see seasonal stronger growth in the areas of transportation and spending because of the holiday season, but this rebound may not hap...